Dubai: Dubai’s emerging super-luxury residential locations are closing in on the Dh100 million or over home sales. An eight-bedroom villa on ‘Lanai Island’ within the Tilal Al Ghaf master-development was sold for Dh90.5 million early February, with the buyer being an Indian family.

The 30,200 square foot plus plush home, with a lagoon to be within easy reach, will be handed over in Q1-2027, according to an official with Metropolitan Premium Properties (MPP), which closed the deal. “It was bought direct from developer – Majid Al Futtaim Properties – and will come with a plot size of 26,000 square feet,” said Nikita Kuznetsov, CEO of MPP.

“Lanai Island is one of two private islands at Tilal Al Ghaf, with 13 mansions, of which nine are ‘shore’ mansions and four are ‘edge’, located along a 1.2-kilometre crystal lagoon.”

It was late last year that Majid Al Futtaim confirmed the two ‘island’ projects within Tilal Al Ghaf, located near the intersection of Sheikh Zayed Bin Hamdan Al Nahyan Street and hessa Street.

According to market data, Tilal Al Ghaf mansion and plot sales have been averaging around the Dh20 million mark, with a few striking out to Dh44 million and thereabouts. So, the Dh90.5 million ‘sold’ tag does raise the bar high.

All set for the Dh100m breakthrough?

The developer has limited the number of properties/plots available on the island, and with more releases coming up, market sources say a push into the Dh100 million plus deal club should happen soon enough.

The Dh90.5m transaction

Oybek Shamsiddinov, Sales Manager at MPP, was the agent involved in the latest transaction. The buyer from India has had other property investments in Dubai.

“They were looking for a property to use themselves, and after convincing them to see the villa on January 31, they bought it the next day,” said Shamsiddinov. “They really liked the community project, villa layout and the finishing. The same villa on Palm Jumeirah would be worth a minimum Dh250 million.”

More to follow...